NEW YORK (TheStreet) -- Shares of Chevron (CVX) - Get Report were higher in Monday afternoon trading after Goldman Sachs (GS) upgraded the oil and gas company to a "conviction buy" from "neutral."

Chevron is still basking in the afterglow from its third-quarter earnings beat. It reported earnings per share of 68 cents before the market opened Friday, while analysts surveyed by FactSet expected earnings of 40 cents. Chevron slightly missed on revenue, though. It posted a revenue figure of $29 billion when analysts were expecting $33 billion.

Chevron is well-positioned to grow production and accelerate cash flow, Goldman Sachs analyst Neil Mehta argued in a research note.

TheStreet's Jim Cramer has a similar outlook on the stock.

"Chevron, they were ecstatic [on their earnings call]," Cramer said Monday on CNBC's "Halftime Report." "They made a lot of money, Chevron. They are a very good company."

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CHEVRON CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins

You can view the full analysis from the report here: CVX

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